The home equity loan allows the use of the equity in the property to act as collateral for the loan, it essentially means the equity in the home can be turned into cash. The cash out can be used for virtually any reason, the most common include: Home improvements, debt consolidation, purchase an investment property or to pay off other debts. A home equity loan can also be obtained without the need to prove income, this is known as a low or no documentation home equity loan.

Often a Line of credit is installed against the equity in the home. A line of credit acts as an account where funds can be drawn or repaid as required. The funds can be drawn to repay credit cards, pay for a car instead of obtaining a car loan or in place of virtually any personal loan. The benefit of this is the flexibility to draw down or repay the funds at will and because the funds are borrowed against your property the interest rate is the same as normal home loans rates, and hence much cheaper than any personal loan or credit card.

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